Best Buy, oil prices, Portugal in focus

THURSDAY MORNING’S TOP STORIES

Premarket movers

U.S. stock futures maintained the bulk of their gains after economic data showed a decline in jobless claims last week and an unexpected 0.9% drop in durable-goods orders in February. Also drawing investors’ attention were oil, the price of which topped $106 a barrel, and the European Union’s planned meeting in Brussels as Portugal slid into a crisis. Read Indications for more on U.S. market action.

Global markets

European stock markets rose, with the Stoxx Europe 600 index (STOXX600) up 0.7%, as retail stocks gained and investors shrugged off a political crisis in Portugal. In Asia, a resource rally boosted most stocks, helped by solid gains in commodity prices. Read Europe Markets. | Read Asia Markets.

Breaking news

Orders for U.S. durable goods in February posted their biggest drop in four months, falling 0.9% owing to lower sales of machinery and defense-related products, the Commerce Department said. Economists surveyed by MarketWatch were expecting a 1.5% increase. Read more about durable goods in Economic Report.

First-time claims for unemployment benefits in the week ended March 19 fell 5,000 to 382,000, the Labor Department said Thursday, close to MarketWatch estimates of 380,000. Read more about jobless claims.

U.S. electronics chain Best Buy Inc.
BBY, -0.86%
said its fiscal fourth-quarter profit fell to $651 million, or $1.62 a share, from $779 million, or $1.82 a share, in the year-earlier quarter, as sales fell to $16.3 billion from $16.6 billion. Excluding items, the company earned $1.98 a share. Read about Best Buy’s results.

ConAgra Inc.
CAG, -1.20%
said its fiscal third-quarter profit fell 6% to $214.8 million, or 50 cents a share, from $229.6 million, or 51 cents a share, in the year-ago period, as sales rose 4.1%.

Walgreen Co.
WAG
said it will buy Drugstore.com
DSCM
in a deal valued at $409 million. Walgreen said it will pay $3.80 a share in cash, a premium of 112% over Drugstore.com’s closing price of $1.79 a share on Wednesday.

The possibility of an international bailout weighed on Portugal after additional austerity measures were rejected by parliament in a vote Wednesday evening and Prime Minister Jose Socrates submitted his resignation. See Portugal turmoil intensifies bailout talk.

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